Last week’s rally saw gold post a fresh record high before a sharp sell-off left the precious metal relatively unchanged on the week. Last week the Federal Reserve gave markets a nudge that they are likely to shave 75 basis points off the Fed Fund rate this year, in line with prior messaging. The more positive tone taken by Fed Chair Powell gave the precious metal the impetus to post a new ATH before sellers appeared and pushed gold lower. The US dollar index turned higher Thursday, post-BoE policy meeting, as both the Euro and the British Pound weakened. This USD strength weighed on gold going into the weekend.
